The Financial Services Development Council (FSDC) today released a research report titled “When Wealth Meets Art: Building a Vibrant Ecosystem for Art Collectibles in Hong Kong.”

Art collectibles have evolved beyond mere personal enjoyment or lifestyle choices. They have become one of the key components of investment portfolios that offer opportunities for wealth accumulation and protection. In their pursuit of risk diversification and asset growth, affluent families and individuals are increasingly exploring alternative asset classes alongside traditional products. Art and culture has emerged as a key pillar of the family office ecosystem in Hong Kong.

Ranked among the world’s top three art trading markets by value and the second-largest art auction market globally in 2024, Hong Kong is playing an increasingly significant role in the international art landscape. The city is committed to fostering a vibrant cultural environment and deepening public appreciation for art collecting. In line with the National 14th Five-Year Plan and the Chief Executive’s 2025 Policy Address, Hong Kong aims to consolidate its position as both a leading hub for cultural exchange and a premier centre for global art trade.

“Beyond its long-standing reputation as a leading international financial hub, Hong Kong is equally distinguished as an East-meets-West centre for international cultural exchange,” said Mr Benjamin Hung, Chairman of the FSDC. “Art has evolved into a dynamic asset class and a cornerstone of sophisticated wealth strategies, increasingly connected to the financial world. By attracting world-class expertise and fostering innovation through digital infrastructure, Hong Kong can further develop an ecosystem where finance and culture converge seamlessly. This synergy will not only reinforce the city’s status as a leading global financial centre but also elevate Hong Kong as a premier destination for art investment, cultural exchange, and creative excellence.”

The report reflects insights from FSDC’s dedicated industry Working Group and industry experts, and presents considerations to promote a robust art ecosystem in Hong Kong. These considerations entail (i) attracting global valuers and conservation specialists to set up in Hong Kong; (ii) strengthening the connection between wealth individuals and professional art services providers; (iii) capacity building to empower local stakeholders; (iv) adopting a digital infrastructure for art-related professional services; and (v) streamlining import declarations and non-resident withholding taxes on overseas artwork.

The report is launched at the Art Business Conference in Hong Kong today. This marks the first time the global conference is being held in the city, underscoring the city’s commitment to positioning itself alongside other traditional global art hubs.

The full version of the report can be downloaded from the FSDC website: www.fsdc.org.hk.